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安徽大学硕士学位论文当前我国企业海外并购的现状、问题研究姓名：张积慧申请学位级别：硕士专业：政治经济学指导教师：佘传奇2010-051802007195OZMinerals2009623AbstractOverseasM&A,thecross-bordermergersandacquisitions,isanimportantformofinternationaldirectinvestment,butalsolarge-scaleenterprisegroupofinternationalbusinessactivitiesanimportantpart.80'sfromthelastcentury,ourbusinesseshavegraduallyenteredtheinternationalmarket,andparticipationinoverseasmergersandacquisitions.Inrecentyears,China'sOverseasM&Arapidlyincreasingnumberofmergersandacquisitionshavegraduallyexpandedthescale.Sincethesecondhalfof2007,subjecttothetremendousimpactoftheinternationalfinancialcrisis,themajorwesterneconomies,significantdecline,resourcesandinternationalmarketpricesofassetstherewasasubstantialdecline.Currently,theworldassetpricesareathistoriclows,whichfortherapidexpansionofChineseenterprisesisundoubtedlyarareacquisitionopportunity.Ifthesuccessfulimplementationofoverseasmergersandacquisitions,forexpansionofChineseenterprisestoachievelowcost,theexpansionofinternationalmarketshare,isofgreatsignificance.Therefore,therecentoverseasChineseenterprises,buythedipsactafteranother,especiallyinthecentralcaseoftheOverseascommon,suchasChalcoplannedinjectionof19.5billionRioTinto,theacquisitionofChinaMinmetalsNonferrousworld'ssecondlargestzincminerOZMineralsandsoon.However,duetovariousfactorsandconstraints,foreignacquisitionsofChineseenterpriseshasnotbeeneasy.June2009,hasbeenoperatingformorethanfourmonths,China'slargestoverseasinvestmentprojecttodate-AustraliaChinaAluminuminjectionRioTinto,RioTintobecauseoftheunilateralbreachofcontractfailed.Chalco'sfailureforChineseenterprisestoconductoverseasacquisitionsalarm.HowtogooverseasM&Aprocesstoavoidpotentialproblemsandrisks,asChineseenterprisesisanimportantresearchtopic.Thisprefaceintroducestheresearchbackgroundofthetopic,significance,andresearchmethodsandframeworks.Thefirstchapterreviewedrelevantdomesticandinternationaltheoryoncross-bordermergersandacquisitions,aswellaseconomicglobalization,amajorimpactoncross-bordermergersandacquisitions,in-depthanalysistocarryoutoverseasmergersandacquisitionsofChineseenterprisesneed.ChapterIIsummarizestheacquisitionsofChineseenterprisesinoverseasproductionanddevelopmentprocess,introducedinrecentyears,thesuccessfulimplementationofourbusinessclassiccaseofoverseasmergersandacquisitions,andthecurrentstatusofChineseenterprisesinoverseasmergersandacquisitionsandcharacteristics;fromEnterpriseatthemicrolevel,thenationalmacrolevel,isM&Abusinessislocatedatthenationallevel,thereistheriskofoverseasM&AfouraspectsofthecurrentChineseenterprisesinoverseasM&Athemainproblems.ChapterIIIofthepreviousanalysisbasedonforeignacquisitionsofChineseenterprisesconductedin-depthstrategicthinking,ofthecurrentproblemsof4copingstrategiesforChineseenterprisesatthemicrolevelfromtherecommendationsofthenationalmacro-regulatorylevelfortheproposedtargetbusinesseslegalcontrolofthemeasuresthecountryforoverseasacquisitionsinfourareasofriskpreventionmeasurestotrytomakesomepersonalrecommendationsof.Finally,theconclusionpartofthereviewthemaincontentsandfulltextofimportantpoints.Keywords:EnterpriseMergerRiskCountermeasure21TCL10TCL23MergerAcquisition4123451262050507209010090%70%1019861200065000110000850000821202090911/490%70%9090199825.8%37.1%57.1%31019951998355889109172845.3599025%70%41090199010%25%199820%70%90FDI10198710001999720020001.1UNCTAD20022001735059402000FDI80%11FDI1995199619971998199920002001FDIA32873589464364398650120007350B)22902750342041107200110006010A/B69.776.473.763.883.291.781.7.[D].2004.1992200311208090FDIFDI122001WTO131997200819971490GDP2232%18%1/4/GDP41/45%31/311%4.5%7.3%79%2004GDP4%27%7.4%31%40%.[D].2006.15BP50MBB37.75%37.75%20%4.5%80%20%16200817TCL101997199720002001198419844.371988198850%198932181988734070%1992100%1.21990199131991199319934246%199342851%19935255%1993561993525%691993199642.46DragonAirlines38.5%199642012.5%FCNZ37.5%1997199019972000269200120012001TCLIBM332001200215.58200242.620026Glenoit0.2520027Tangguh1020029TCL0.8220021025%3.4820021010%0.60IT2002110.80IT20031TFTLCD3.8200362004948.7%5200410TCL0.55IT200411Actor28.96%0.92IT200412IBMPC17.5IT2004123.58IT200412TOMindiagames80.6%0.1820IT2005120%1020059ENCANA14.2200510PK41.8200512PETROCANAFPC38%5.762006113045%22.68.[D].2006.18501320121CNPC2.6CNOOC22.6813045%2200411Actoz28.96%200412IBMPCTOMindiagames80.6%2005120%3TCLTCL22442003.1Murray2003.9JQG2001.62002.12002.5GLENOLT2002.12003.112004.32002.42002.42003.42003.12002.1Repsol-YPE232003.52003.1TCL2002.9TCL2003.112003.22002.11*2001.9CDMATCL*2003.5GoVideo*2001.8UAI*2002.4INTERWAVEB*2002.1FAG.[D].2004.18000100%2422003113TCLThomsonTCL-DVDTCL67%TCLDVDDVDDVDTCL3120022001SECHYNIXHYLCDHYLCDHYNIXHYDIXSTN-LCDOLED2325411994UAI2INTERWAVE400INTERWAVE200INTERWAVE60010.3%INTERWAVE3526FAGFAGFAG2720013.8HynixHYDISTFT-LCD2.128TCLJQG12%2920036JQG12%30UAIAmberstSECCFIUS3111990CATICMAMCOCFIUSCFIUS199021989Mamco22004IBM3IBMIBMIBM32005667170120086432200662006219872004200582006203125220052533325%25%50%19981998633427842040%20%-30%12335412343637123438392001404142431988-19932